2014 Tax Cut

by Maria Stankevich5scon

The proposed Bordentown Township Municipal Budget will result in lower taxes for residents. The township has lowered its costs as a result of several projects, including moving payroll from an outsourced company to an in-house operation (saving $15,000), lowering utility bills, reducing debt, and encouraging employees to participate in a JIF wellness program to lower medical costs. At the same time new ratables have provided an increase in revenue.

Based on the average assessment, residents will see a decrease of three to four dollars per household. The decision was made to implement a modest decrease in 2014 in order to avoid a significant increase in 2015. The township has also worked on building up reserves by putting money away for tax appeals, setting up an emergency reserve fund, as well as increasing their budget surplus. This action has helped to improve the township's bond rating from AA- rating with a negative outlook to AA with a stable outlook.

They have also taken a very conservative outlook on "unanticipated revenue," or revenue that is expected, but has not yet been generated. Together, all of these measures will serve to guarantee the financial health of the township for the long term.